Your Home Sold Guaranteed, or I'll Buy It!*
Call George Lorimer at 619-846-1244 and Start Packing!
Find Out What Your Home is Worth TodayThis is for detached homes in San Diego County, CA. I ran the numbers on 9/5/23.
The average market time is 26 days. The average percent of the original price the home sells for is 100%. The forecast of days of inventory going at the current pace is 2.6 months.
On a $1,025,000 home with a 6.75% mortgage, a 20% down payment is $205,000, and the mortgage is $5319/mo. The taxes and insurance are $1500/mo, or $6819/mo total housing payment. You need a $17,046 monthly income to qualify for or a $204,000 yearly income.
Get access to an Unlisted / OFF-Market Home.
The reason I am showing you the monthly payment is not to depress you but to let you know that the biggest risk to home prices decreasing is affordability. Once homes hit a tipping point and very few people can afford homes, the demand will drop, eventually causing prices to stay flat or decline.
You and I can't do much about affordability, but we can see the cycle that the prices are close to the all-time highs. If you have been thinking about selling, it makes sense to cash out if you have a plan for the money and where to live.
Similarly, if you are considering buying because the prices and mortgages are high, you should have at least a three-year horizon on your purchase. That way, you allow enough time for appreciation.
If you want an insight into your neighborhood or area, call me, and I can do it at the micro level and give you some good info to help you make the right decision on selling or waiting. Regards, George 619-846-1244
*Conditions apply, DRE# 01146839
Categories:
San Diego Market Statistics
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